|Bid||24.00 x 800|
|Ask||27.00 x 1800|
|Day's Range||25.47 - 26.13|
|52 Week Range||18.30 - 28.73|
|Beta (3Y Monthly)||1.76|
|PE Ratio (TTM)||8.40|
|Forward Dividend & Yield||0.50 (1.92%)|
|1y Target Est||N/A|
Dutch lender Rabobank and investment firm KKR have formed a consortium seeking to buy utility Eneco, the bank said on Thursday. A consortium set up by Royal Dutch Shell and Dutch pension fund manager PGGM had been seen as the lead bidder after France's Total SA and Italy’s Enel dropped out last month. The 53 Dutch cities that own Eneco, estimated by analysts to be worth about 3 billion euros ($3.4 billion), launched the sale in May.
Menlo Park, CA, based Investment company Menlo Advisors Llc (Current Portfolio) buys KKR Inc, sells Cisco Systems Inc during the 3-months ended 2019Q2, according to the most recent filings of the investment company, Menlo Advisors Llc. Continue reading...
(Bloomberg) -- Axel Springer SE’s supervisory and executive boards recommended that minority shareholders accept a buyout offer from KKR & Co., saying it would ensure the German publisher’s future growth.The private equity firm’s cash offer of 63 euros a share is fair because it represents a 40% premium over the company’s share price in May, before the talks with KKR became public, Axel Springer said in a statement Thursday.“Over the coming years we will significantly invest in people, products, brands and technology,” Chief Financial Officer Julian Deutz said. “With KKR as a financial and strategic partner we will be able to pursue these initiatives with a long-term focus on growth and profitability.”The proposed buyout of minority investors would see Axel Springer join Bertelsmann SE, the German publisher that owns Penguin Random House, in being shielded from the scrutiny of public markets. Having KKR on board could also make it easier for the company to fund acquisitions and capitalize on turmoil and retrenchment in the digital media industry.To contact the reporter on this story: Stefan Nicola in Berlin at firstname.lastname@example.orgTo contact the editors responsible for this story: Rebecca Penty at email@example.com, Eric PfannerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Japan's Hitachi Ltd has started the formal process for the sale of its $5.6 billion chemical unit with initial bids due in August, people familiar with the matter said, a deal that is expected to draw interest from global private-equity firms. Hitachi has asked potential bidders to submit first-round bids for Hitachi Chemical Co, four people said, declining to be identified as the information is not public. Hitachi has hired Bank of America Merrill Lynch while Hitachi Chemical has retained Goldman Sachs Group Inc to advise on the deal, the two people said.
(Bloomberg) -- Carlyle Group LP is planning to announce that the private equity firm will convert to a corporation when it reports second-quarter earnings, according to people with knowledge of the matter.The shares rose 4.1%, the biggest one-day jump since April.The Washington-based firm would be the last of the private-equity giants to switch from a partnership to a corporation, known as a C-corp -- a move designed to bring more investors into the stock. KKR & Co., Blackstone Group Inc., Apollo Global Management LLC and Ares Management Corp. all have seen their share prices jump since they made the change, which enables them to be included in indexes, mutual funds and exchange-traded funds.Carlyle, which hasn’t announced its earnings release date, has been exploring the move for several months. A representative for the firm declined to comment.“The pain of converting from a tax point-of-view is negligible and the benefits are substantial,” said Robert Willens, an independent tax consultant. “We’ve seen the stocks of these companies increase since their conversions, proving the theory that motivated them was a valid one.”Carlyle has mostly lagged behind its rivals since KKR announced in May 2018 that it would convert. Carlyle’s shares are up about 18% since then, less than KKR and Apollo. Blackstone has been the best performer, jumping about 50%.“The benefits we’ve seen from the conversions have not gone unnoticed,” Carlyle co-Chief Executive Officer Kewsong Lee said in a May conference call with investors. “There are many complex operational moving parts in connection with a conversion, and we intend to conclude our thinking with a decision in the not too distant future.”Private equity executives, who have a lot of their personal wealth in company stock, have long complained that their businesses are being undervalued by public investors. The catalyst for the switch was the new tax law in December 2017, which slashed the corporate rate to 21% from 35%.(Updates share gain in second paragraph.)\--With assistance from Melissa Karsh.To contact the reporter on this story: Heather Perlberg in Washington at firstname.lastname@example.orgTo contact the editors responsible for this story: Alan Mirabella at email@example.com, Vincent Bielski, Josh FriedmanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Alex Navab, a former KKR & Co. executive who was building his own private-equity firm, has died. He was 53.He died Sunday while on a brief vacation, according to a statement Monday from his firm, Navab Capital Partners.“It is with deep sadness that we share the news of the untimely passing of our founder, Alexander Navab,” according to the statement. “Alex was an accomplished business leader and generous philanthropist who loved his family and played an important role in the professional and personal lives of many.”The veteran dealmaker left KKR after almost a quarter century and in April set up his own company in New York. He recruited fellow buyout specialists with experience at firms including the Carlyle Group LP and Warburg Pincus. He planned to raise billions of dollars and recruit co-investors to compete for private equity deals in health care, technology, media and financial services in North America.Navab joined KKR in 1993 and eventually became sole head of its private-equity business in the Americas, helping the firm raise a $14 billion fund. He was also a member of the management committee. He left KKR about two years ago, shortly after co-founders Henry Kravis and George Roberts named Scott Nuttall and Joseph Bae co-presidents.“We are heartbroken,” Kravis and Roberts said in a statement. “A longtime member of the KKR family, Alex was an outstanding investor, leader, mentor and a friend to many. His contributions in business and philanthropy over his lifetime will forever remain part of his remarkable legacy.”Alexander Navab was born in Iran and fled the Islamic revolution in 1979.He attended the Phillips Academy in Andover, Massachusetts, and earned a bachelor’s degree from Columbia University and an MBA from Harvard University. Early in his career he worked in investment banking at Goldman Sachs.Active in philanthropy, he was a trustee at Columbia and board member at New York Presbyterian Hospital and The Robin Hood Foundation. In 2016 he was awarded with an Ellis Island Medal of Honor. Last year he and his wife Mary Kathryn gave a $6 million gift to start a fellowship program for Columbia internships.“Our entire community mourns the loss of Alex Navab, who was not just an incredible philanthropist, but an incredible person,” said Larry Robbins, chairman of Robin Hood’s board. “During his more than a decade of service on Robin Hood’s leadership council and board, Alex used his extensive experience in the private equity world to drive Robin Hood’s impact forward. Alex Navab’s commitment, generosity and leadership are irreplaceable.”Navab also was on the advisory council of the Hamilton Project, a group of academics and business leaders who put forth proposals for economic policy, and formerly was national co-chair of the American Enterprise Institute. He supported former Florida Governor Jeb Bush for the Republican nomination for president and has contributed to others in the party.Navab is survived by his wife and three children.(Adds Robbins’s comments in 10th paragraph.)\--With assistance from Amanda Gordon.To contact the reporters on this story: Erik Schatzker in New York at firstname.lastname@example.org;Sabrina Willmer in New York at email@example.com;Sonali Basak in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Alan Mirabella at email@example.com, Josh Friedman, Dan ReichlFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Alex Navab, who worked as a top dealmaker at KKR & Co Inc for more than two decades before starting his own private equity firm earlier this year, died on Sunday. Navab died while on vacation with his family, Navab Capital Partners said in a statement on Monday, without providing further details. Navab was born in Isfahan, Iran, and fled to Greece following the Islamic Revolution in 1979.
Alexander Navab, the former head of Americas private equity at New York-based KKR & Co., has died unexpectedly. Navab Capital Partners, a firm Navab launched just last year, issued a statement Monday: Navab is survived by his wife and three children.
(Bloomberg) -- Thyssenkrupp AG has received interest from competitors and buyout firms for a stake in its 15 billion-euro ($16.8 billion) elevator unit, prompting the German industrial firm to explore a sale alongside its planned listing, people familiar with the matter said.Private equity firms including CVC Capital Partners and KKR & Co., as well as rival elevator maker Kone Oyj, have expressed interest in part or all of the Thyssenkrupp division, the people said. As a result, the company is planning to start formal sale talks in the autumn, they said, asking not to be identified because the deliberations are private.Sovereign wealth and pension funds are also interested in investing in the unit, they said. Thyssenkrupp shares were little changed at the close Monday in Frankfurt, after earlier gaining as much as 5.5%.Representatives for Thyssenkrupp, Kone, CVC and KKR declined to comment.“We’re open to all economically viable solutions that fairly take into account the interest of employees,” Markus Grolms, secretary at labor union IG Metall and Thyssenkrupp’s deputy chairman, said in response to Bloomberg queries. The union “will make sure the proceeds will be used to fund the further development of Thyssenkrupp.”Thyssenkrupp will run a “dual-track” process, continuing to pursue its previously announced initial public offering for the business while entertaining bids, the people said. No final decisions have been made about how much of the asset to sell, and the interested companies may still decide against formal offers, they said.Thyssenkrupp so far has been hesitant to sell a majority stake because it would like to keep control to access the unit’s cash flow and help fund pension liabilities, the people said. Still, certain shareholders, including activist investor Cevian Capital, favor a full sale, the people said.The division, Thyssenkrupp’s crown jewel, makes parts used in elevators, escalators, moving walkways and stairlifts and could be worth about 15 billion euros in an IPO or sale, according to Bloomberg Intelligence analysts. The German company has been weighing ways to split off the unit as it came under fire for a complicated business structure that some investors have said contributed to declining earnings.The start of 2020 would be the earliest opportunity for an IPO, the elevator unit’s union chief and board member, Knut Giesler, has said. A listing is unlikely before March of next year, and uncertainty over the timing and valuation of any IPO is another incentive for a sale, the people said.The elevator division is riding a global trend of urbanization, making it the steel-to-submarine conglomerate’s most profitable unit. Proceeds from a sale or IPO could be used to fund the company’s restructuring, paid out in a dividend or invested in carbon-dioxide free steel production, the people said.The Essen-based conglomerate needs cash to cover billions of euros in unfunded pension liabilities and fix its steel, plant construction and auto supply operations. The company sees the elevator unit as the only significant division it could offload a stake in at a valuation above book value, the people said.Kone is keen to buy a majority of the elevator business, but Thyssenkrupp is concerned about a lengthy antitrust review and rejection of a merger, the people said. Its proposal to create a European steel joint venture with Tata Steel Ltd. was blocked earlier, and Thyssenkrupp may prefer to sell a stake to an investment firm, which wouldn’t face competition scrutiny, some of the people said.The European Commission has torpedoed a number of industrial merger plans this year. Regulators blocked plans to merge Siemens AG’s and Alstom SA’s rail operations to create a European champion.Other Thyssenkrupp assets, including the components technology business have also attracted preliminary interest from buyout firms, though it’s unclear whether the firm will seek a sale, the people said.(Updates with labor union statement in fifth paragraph.)\--With assistance from Sarah Syed.To contact the reporters on this story: Eyk Henning in Frankfurt at firstname.lastname@example.org;William Wilkes in Frankfurt at email@example.com;Aaron Kirchfeld in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Reed Landberg at email@example.com, Ben Scent, Amy ThomsonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Brookfield Renewable Partners' investment in a fast-growing solar company will give it a bit more power to increase its high-yielding payout.
A sense of uncertainty and confusion prevailed at a World Economic Forum meeting in China. But companies also expressed optimism about their abilities to face those challenges.
(Bloomberg Opinion) -- Softbank Group Corp.’s Vision Fund has invested its $100 billion cash pile in 75 unicorns around the world. Not a single one is from Japan, its own backyard.That may be because the pickings are slim: While the U.S. has 179 unicorns, China 93, and India 18, Japan has just two, according to CB Insights. How can a country that pioneered the Walkman and android robots fail to produce more valuable startups? The explanation may be somewhat arcane, but helps get to the bottom of a damaging cycle that’s left Japan with an uninspiring pool of fledgling innovators.The listing standards for the small-cap Tokyo Stock Exchange Mothers Index are exceedingly low. To join Nasdaq, its New York counterpart, companies need a minimum of 1.25 million traded shares upon listing. That compares with just 2,000 for Mothers. This short hurdle, among others, means young, cash-hungry firms can tap public markets pretty easily, and sidestep the grinding process of courting investors through multiple rounds of funding.The trouble is, size begets size. The bigger a company at listing, the greater the likelihood of attracting large chunks of institutional money and growing still larger. (It pays to be patient.) What’s left is an index stuffed with unreliable runts: 96% of Mothers's 283 components have a valuation of less than $1 billion, compared with roughly one-third for Nasdaq. The Japanese index was notorious for its scandal-studded constituents in the past, and remains volatile.Just two Japanese unicorns have gone public in the last two years, with mixed results: Flea market app Mercari Inc. is down 4% since raising $1.2 billion last June, while business-card scanner and networking firm Sansan Inc. is up 33% after listing last month. The two unicorns left include four-year-old Preferred Networks Inc., whose app uses artificial intelligence to automate the coloring of manga cartoons, and Tokyo-based cryptocurrency trading platform Liquid Group Inc.With few appealing options, the likes of Masayoshi Son take their venture-capital dollars elsewhere. But the bigger the funding vacuum, the greater the incentive startups have to list early and small. And so the cycle continues.There are cultural challenges to Japanese innovation, too. Attracting young graduates to unsteady jobs can be a tough sell: Many would rather join Toyota Motor Corp. or other established firms. Japanese founders also have a reputation for crippling timidity when asking for money, unlike their brazen rivals in Silicon Valley. That’s not to say that startup activity has plateaued. Venture funding hit a record $3.5 billion last year, though that’s a shadow of levels in the U.S. and China, which both top out at more than $100 billion. This year, the Mothers index is up around 20% in local currency terms, outperforming the 9% gain for the benchmark Topix index, and IPO volumes reached a high last year.Attitudes are also changing. Startups are losing their stigma and luring more graduates, Yoshito Hori, managing partner of domestic venture-capital firm Globis Capital Partners told the AVCJ Japan Forum last week in Tokyo. Funding into early-stage tech firms reached $1.7 billion this year, according to Asia Private Equity Review, compared with more than $1.6 billion in all of 2018. But even Hori, whose firm backed Mercari and Sansan, said that there’s still not enough money around to back mega venture-capital funding rounds. The truth is that the real opportunities in Japan are in private equity, with plenty of mature firms desperate for a turnaround and aging founders looking for buyouts. Last year, a group led by Bain Capital acquired Toshiba Corp.’s memory chip business for $18 billion. This week, KKR & Co. sold the semiconductor part of Japan’s Hitachi Kokusai Electric to U.S.-based Applied Materials Inc. for around $2.2 billion. It paid around the same amount when it bought the entire wireless equipment maker, including the video business it’s retaining, from Hitachi Ltd. just 18 months ago. Even the Japan Post Bank Co., one of the world’s largest lenders, and the country’s Government Pension Investment Fund, the biggest pool of retirement savings in the world, are allocating money toward private equity. Still, a prime minister can dream: Shinzo Abe's government aims to produce 20 unicorns by 2023. The chances of pulling that off are sobering.To contact the author of this story: Nisha Gopalan at firstname.lastname@example.orgTo contact the editor responsible for this story: Rachel Rosenthal at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Nisha Gopalan is a Bloomberg Opinion columnist covering deals and banking. She previously worked for the Wall Street Journal and Dow Jones as an editor and a reporter.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Car parts maker Bosch is in advanced talks to sell its packaging machinery business to buyout firm CVC in a deal valuing the company at up to 850 million euros ($959 million), a person close to the matter said. Italian engineering group Coesia, German industrial holding Koerber as well as private equity firms KKR and Bain had also handed in final bids by a mid-June deadline, several people close to the matter had said. The Bosch business, which competes with Italy's IMA , makes machines for pharmaceuticals and food packaging, employs 6,100 staff and has revenues of about 1.3 billion euros ($1.5 billion).
Moody's Investors Service ("Moody's") has today assigned a B3 corporate family rating (CFR) and B3-PD probability of default rating (PDR) to Elwy 3 Limited (LGC or the company), a life science tools company. Moody's has concurrently assigned B2 ratings to LGC's senior secured facilities, including the GBP50 million revolving credit facility (RCF) due 2022, term loan B of USD417.1 million, term loan B of EUR450.6 million and term loan B of EUR120 million, all due 2023, all issued by LGC Science Group Holdings Limited, a directly wholly-owned subsidiary of Elwy 3 Limited.
Private equity giant KKR & Co. has wrapped up its purchase of software firm Corel Corp. Price terms were undisclosed, but according to PE Hub, the deal is valued at more than $1 billion. Reports that Corel was for sale began to circulate in May, just several months after the Ottawa, Canada-based company acquired virtualization specialist Parallels. Per TechCrunch, citing a KKR memo, New York-based KKR had plans to give Corel an “infusion of capital” and expand its existing business, including WordPerfect, Corel Draw, WinZip and PaintShop Pro.
(Bloomberg) -- Applied Materials Inc., the biggest maker of machines used to make semiconductors, is buying Kokusai Electric from KKR in a deal worth about 250 billion yen ($2.3 billion), a person with knowledge of the matter said, asking not to be identified because the details aren’t public.Investment firm KKR bought the Japanese mobile phone and wireless communication equipment manufacturer, a former unit of Hitachi, in a tender offer in 2017.A representative for KKR declined to comment. Representatives for Applied Materials didn’t immediately respond to requests for comment.Applied Materials sought to merge with Tokyo Electron in 2015, but the deal was scrapped amid opposition from the U.S. Department of Justice.The proposed deal by Applied Materials to buy Kokusai Electric, first reported by the Nikkei newspaper, is also seen facing scrutiny from regulators.(Corrects Kokusai Electric company name throughout.)To contact the reporter on this story: Manuel Baigorri in Hong Kong at firstname.lastname@example.orgTo contact the editors responsible for this story: Fion Li at email@example.com, ;Tom Giles at firstname.lastname@example.org, Colum Murphy, Reed StevensonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
On a record day for stocks, Genesee & Wyoming agreed to be bought by Brookfield Infrastructure Partners, and Applied Materials announced a significant acquisition.
Contentsquare, which provides insights into customers' digital experiences, has acquired Israeli rival Clicktale for an undisclosed amount, the companies said on Monday. Contentsquare's customers include AccorHotels, Sephora and Walmart while Clicktale serves clients such as Dell and T-Mobile. Together they will have 600 enterprise customers.
(Bloomberg) -- Shares of semiconductor companies and other suppliers to Huawei Technologies Co. spiked on Monday, after President Donald Trump said he would delay trade restrictions against the China-based company, suggesting an easing to one of the biggest headwinds facing the group.The Philadelphia Semiconductor Index jumped as much as 5%, putting the industry benchmark on track for its highest close since early May, as well as its fourth straight positive session. While the index is still about 4.3% below record levels, it has surged more than 17% off a low from late May. Among notable gainers, Western Digital Corp. spiked as much as 7.4% in what was set to be its 10th positive session, its longest rally since a 10-day gain that ended in March 2018. WDC, which gets about 4.3% of its revenue from Huawei, according to supply chain data compiled by Bloomberg, has surged nearly 41% over the 10-day rally.Micron Technology jumped 8.1%. The company gets 13% of its revenue from Huawei.Chipmakers were broadly higher across the globe, supported after the U.S. and China declared a truce in their trade war over the weekend. The industry has been highly correlated to this issue, given that China is both a major market for companies, as well as a critical part of their supply chains.Separately, Lam Research was up 3%, and U.S.-listed shares of ASML Holding NV rose 3.6%. Applied Materials rose 5.9%; the company earlier announced it would buy Kokusai Electric from KKR & Co. in a deal worth about $2.2 billion.RBC Capital Markets analyst Mitch Steves wrote that he viewed the Huawei announcement “as a large positive for the semiconductor industry even though it is unclear if the lift will be permanent in nature.”He added that the implications of the announcement were “unclear for Nvidia, AMD and Analog Devices given that their products represent potential security risks.” Nevertheless, these names were were also among the day’s gainers.Nvidia rose 5.9%, Advanced Micro Devices climbed 5.5%, and Analog Devices gained 4.7%.Among other major Huawei suppliers, NeoPhotonics Corp. -- which gets nearly half its revenue from Huawei -- spiked nearly 22%. Lumentum Holdings jumped 9%; more than 18% of its revenue is derived from Huawei.Semiconductor stocks have performed well throughout the first half of 2019, despite waning optimism that they could see improvements in such key issues as demand, pricing and inventory levels over the remainder of the year.(Updates trading to market open throughout, adds chart.)To contact the reporter on this story: Ryan Vlastelica in New York at email@example.comTo contact the editors responsible for this story: Catherine Larkin at firstname.lastname@example.org, Steven Fromm, Janet FreundFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Applied Materials Inc. announced Monday a deal to buy batch-processing systems company Kokusai Electric for $2.2 billion in cash from KKR & Co. . Applied Materials stock rallied 3.4% toward a 10 1/2-month high in premarket trading, while KKR shares were still inactive. The deal is expected to immediately add to Applied Materials' adjusted earnings per share after the close, which is expected within 12 months. The chip equipment maker expects to finance the deal with a combination of cash on hand and a term loan. KKR acquired Hitachi Kokusai Electric Inc. in 2017. Applied Materials stock has run up 37.2% year to date through Friday while the PHLX Semiconductor Index has climbed 27.3% and the S&P 500 has gained 17.4%.
The acquisition comes against the backdrop of a glut in the memory chip market due to a decline in demand from smartphone makers that has squeezed prices and weighed on sales of chipmaking equipment. Applied Materials said the Kokusai deal does not require the approval of U.S. Justice Department, which had forced the company to scrap https://www.reuters.com/article/us-tokyo-electron-applied-material-cance/applied-materials-scraps-tokyo-electron-takeover-on-u-s-antitrust-concerns-idUSKBN0NI17A20150427 its $10 billion takeover of Japan's Tokyo Electron Ltd in 2015.